Author Topic: Student Loan Challenge (2019 Edition)  (Read 6196 times)

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #100 on: June 03, 2019, 06:48:48 PM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

Total Paid in May = $2,640.51
Targeted loan balance = $13,063.38
End May total balance = $16,137.01

Totally misread this initially as you being behind target by 3k but I realized it's the balance of the loan you are targeting next. Making some massive headway here so prepare for saying goodbye to this group.

I am on course to pay them off by the end of November, which would be exactly 5 years since I went into repayment.  I can't wait until I get to keep my money!

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #101 on: June 04, 2019, 04:31:40 AM »
January Starting Balance: 58245.53
Min. Payment: 1178.77
Extra payment: 4821.79

January Ending Balance: 52244


February Payments:

Min. Payment: 1178.77
Extra Payment: 4276.39

February Ending balance: 46940.55

March Payments:

Min Payment: 1178.77
Extra Payment: 8128.60

March Ending Balance: 37,753.86


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #102 on: June 06, 2019, 05:50:31 PM »
May Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23

2019 Goal - $3,903.13/$10,800

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #103 on: June 10, 2019, 02:13:00 PM »
Here's our update for June.

2018
Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 25,869.79

2019
Jan: 23,886.93
Feb: 21,695.55
Mar: 19,550.64
Apr: 8,257.92
May: 6,599.44
June: 3,888.78
...

2019 Jul: 0.00 (GOAL)


So close...

ItsALongStory

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Re: Student Loan Challenge (2019 Edition)
« Reply #104 on: June 10, 2019, 07:16:49 PM »
Spoiler alert: it tastes awesome.

Sent from my Pixel 2 XL using Tapatalk


UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #105 on: June 10, 2019, 08:55:30 PM »
Haha! Can't wait!

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #106 on: June 11, 2019, 09:07:33 AM »

July '18: $70,870.81
Aug '18: $67,102.62
Sep '18: $63,319.24
Oct '18: $59,834.55
Nov '18: $55,479.02
Dec '18: $54,781.60
Jan '19: $43,620.29
Feb '19: $39,314.82
Mar '19: $34,975.38
Apr '19: $30,648.33
May '19: $26,297.31
Jun '19: $20,794.56


Goal - November 2019

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #107 on: June 12, 2019, 09:38:17 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #108 on: June 12, 2019, 09:49:23 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Your payoff progress is insane! What sort of income are we talking here? Are you also still maxing out 401k and other goals or is 100% going to this?

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #109 on: June 12, 2019, 11:47:12 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Good job @catorbe! We are paying off our student loans at approximately the same rate. It certainly feels good seeing the balance go down a few thousand each month, doesn't it?

We started about half a year earlier than you so will be finishing soon. Good luck on your own adventure!

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #110 on: June 12, 2019, 12:05:36 PM »
Sooo...

I'm refinancing my loan to an LOC at an even lower interest rate, comparable to my mortgage rate actually, and since it's an LOC, I only have to pay the interest. So initially my payoff timeline was set, but I think with this new absurdly low rate, I'm actually going to draw it out quite a bit longer and focus even more on investing and especially offsetting my taxes.

I'm honestly so unmotivated to pay it off at this point, if someone cut me a cheque for the exact remaining amount, just under 70K, I still probably would choose to invest it instead of paying off this last chunk of student debt! I'm that over it.

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #111 on: June 12, 2019, 12:22:06 PM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #112 on: June 12, 2019, 12:53:34 PM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I'm not in the US, and I have access to special banking that's only available to certain professions, that's why I have so many more options.

For me, the returns actually don't even matter that much, because the bigger gain is offsetting my taxes. My marginal tax rate is nearly 50%, and I have A LOT of tax deferred account space to back-fill, and I don't plan on continuing at this high income for too many more years, so I'm running out of time to use up that space at the most beneficial time.

Our system is different, we have a tax-deferral account, which has no connection to our employer, where we can do whatever we want with the money inside it. I could leave it as cash if I wanted to.

The new rate is variable, so what I do long term will depend on what the rates do long term. Also, my motivation to get rid of it might return as well after a little while. It's just that after over 5 years of hyper focus on debt and tackling 350K already, I'm done even caring about it for awhile.

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #113 on: June 13, 2019, 08:11:56 AM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I didnít have as much of a difference with sofi either, but I had great success refinancing my large private loans that were 8%,  variable, and increasing to a fixed 5% with earnest and highly recommend. If youíre interested I have a referral link that would get us each $200 off for refinancing.


And @catorbe, thanks :) total income last year was $118k, affected some by me being hourly and putting in OT. 401(k) savings are 5% of household income to make employer matches. Hubs socks away a tiny amount for the HSA for if we have a big disaster in the meantime ($1300/year). Total tax burden around $15k for fed + state + local. Living on something like $35k/year. Annual giving around $9k (a priority for us, even while in debt).

Not gonna lie, Iím so ready for sallie Mae to be gone.

Plina

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Re: Student Loan Challenge (2019 Edition)
« Reply #114 on: June 13, 2019, 11:07:24 AM »
Sooo...

I'm refinancing my loan to an LOC at an even lower interest rate, comparable to my mortgage rate actually, and since it's an LOC, I only have to pay the interest. So initially my payoff timeline was set, but I think with this new absurdly low rate, I'm actually going to draw it out quite a bit longer and focus even more on investing and especially offsetting my taxes.

I'm honestly so unmotivated to pay it off at this point, if someone cut me a cheque for the exact remaining amount, just under 70K, I still probably would choose to invest it instead of paying off this last chunk of student debt! I'm that over it.

I am in a similar position with a ridiculous low interestrate at 0,16 %. It doesnít make it sense financially to pay it off faster. I have about 15 years left and I hate the payments but when you do the math...

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #115 on: June 13, 2019, 11:21:17 AM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I didnít have as much of a difference with sofi either, but I had great success refinancing my large private loans that were 8%,  variable, and increasing to a fixed 5% with earnest and highly recommend. If youíre interested I have a referral link that would get us each $200 off for refinancing.


And @catorbe, thanks :) total income last year was $118k, affected some by me being hourly and putting in OT. 401(k) savings are 5% of household income to make employer matches. Hubs socks away a tiny amount for the HSA for if we have a big disaster in the meantime ($1300/year). Total tax burden around $15k for fed + state + local. Living on something like $35k/year. Annual giving around $9k (a priority for us, even while in debt).

Not gonna lie, Iím so ready for sallie Mae to be gone.

Saying good bye to Sallie Mae was amazing. What a great day.

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #116 on: June 13, 2019, 12:04:39 PM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Good job @catorbe! We are paying off our student loans at approximately the same rate. It certainly feels good seeing the balance go down a few thousand each month, doesn't it?

We started about half a year earlier than you so will be finishing soon. Good luck on your own adventure!

Ahhhh! I was referring to Penguintroopers great progress. Mine is a bit slower!

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #117 on: June 13, 2019, 12:31:17 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

FireLane

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Re: Student Loan Challenge (2019 Edition)
« Reply #118 on: June 17, 2019, 01:41:49 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

A lot of these loan companies were government-backed corporations originally, and the silly names come from efforts to turn their acronyms into something pronounceable.

Sallie Mae used to be the Student Loan Marketing Association, and I guess someone thought "SLMA" sounded like "Sallie Mae." We also have Fannie Mae (Federal National Mortgage Association or FNMA), Ginnie Mae (Government National Mortgage Association or GNMA), and Freddie Mac (Federal Home Loan Mortgage Corporation or FHLMC - okay, that one doesn't make sense at all).

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #119 on: June 17, 2019, 02:17:39 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

A lot of these loan companies were government-backed corporations originally, and the silly names come from efforts to turn their acronyms into something pronounceable.

Sallie Mae used to be the Student Loan Marketing Association, and I guess someone thought "SLMA" sounded like "Sallie Mae." We also have Fannie Mae (Federal National Mortgage Association or FNMA), Ginnie Mae (Government National Mortgage Association or GNMA), and Freddie Mac (Federal Home Loan Mortgage Corporation or FHLMC - okay, that one doesn't make sense at all).

Honestly, I think that explanation makes it sound even stranger.

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #120 on: June 25, 2019, 07:52:50 PM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

April 2019-$42,038 ($1250 auto payment and $1k extra towards principle)

May 2019-$40356 ($1250 auto payment and ~$600 extra)

June 2019-$38250 ($1250 auto payment and $1k extra)

Feeling pretty good!! With the extra $1k I tossed at it this month, just the auto payments will get me under $30k this year. I feel like once I'm under $30k, it'll be able to knock it out in a year! Wohoo!